If Hyperliquid's success was a heavy blow to the VC game, then Robinhood's launchpad success is a complete takedown of the VC game. Before: VCs set the stage, decided the price, and distributed tokens first. Retail investors could only buy in at high prices. Now: Tokens launch first, full circulation goes live. Users vote with their feet to price the product. The shift in pricing power signals the end of the VC-led era.